Overall U.S. individual life insurance activity fell in October, but the number of applications coming from people ages 61 and older increased, according to MIB Group.
The Braintree, Massachusetts-based life insurance underwriting organization says overall application flow was 5.2% lower last month than in October 2021.
But activity increased over year-earlier levels for people in the 61-70 age group and the 71-and-older age group.
What It Means
Older clients might be more interested in life insurance because of the COVID-19 pandemic. But it’s also possible that older clients are making more use of cash-value life insurance in income planning arrangements and long-term care planning arrangements.
The Details
Here are the activity change figures, for October, for applicants in five different age groups:
- Ages zero-30: -6.9%
- Ages 31-50: -7.4%
- Ages 51-60: -3.0%
- Ages 61-70: +0.2%
- Ages 71 and older: +1.3%
Here’s how activity changed for three different types of life insurance products:
- Term life: +0.4%
- Universal life: -6.2%
- Whole life: -14.3%
(Image: Shutterstock)